The stock price plunged inasmuch as Virgin Orbit failed to officiate the launch on Monday
Virgin Orbit, a company that renders small satellite launch services, failed to officiate its launch from the United Kingdom on Monday.
The company facilitates air launch, which operates by hurling rockets from the back of the wing of the aircraft. An updated version of the 747 jet is utilized by the company to uphold satellite launches.
The failure led to an abrupt stock plunge right after the news of the failure came to light. The share price plummeted by 30% in trading shortly.
Misinformation about a successful launch was provided by the company at first on Twitter. Later the company clarified and stated that the process faced an oddity and was unsuccessful in what it intended to do.
The company was found to remove the tweet afterward and claimed that the team had safely reverted.
- Published By Team Nation Press News